Bloomberg:
- Swiss Reinsurance agreed to buy GE’s reinsurance business for $6.8 billion in cash and stock, in the company’s biggest acquisition ever.
- Liz Claiborne offered to buy women’s apparel retailer J. Jill Group for $365.9 million after an earlier offer was rejected and said it may consider a hostile bid.
- European Central Bank President Jean-Claude Trichet said the bank is ready to raise interest rates to stem inflation in the 12 nations sharing the euro.
- Cisco Systems agreed to buy Scientific-Atlanta for $6.9 billion, adding the second-largest US maker of set-top boxes for cable television and tapping into the growing market for Internet TV.
- Alltel, the fifth-largest US mobile-phone services company, agreed to buy Midwest Wireless for $1.08 billion, adding 400,000 customers in Minnesota, Iowa and Wisconsin.
- Crude oil is falling to a five-month low in NY on speculation that fuel stockpiles are adequate to meet global demand.
- The dollar is approaching its highest level against the euro and yen since 2003 on speculation the gap between US economic growth and other developed nations will widen further.
Wall Street Journal:
- US drugmakers are fining cholesterol-lowering drugs such as statins so effective that the companies are having trouble finding improved treatments for preventing heart attacks and strokes.
- The US Financial Accounting Standards Board may change guidelines to restrict companies from keeping lease costs out of financial statements.
- China is broadening its effort to win friends and influence people in the US to maintain its economic growth, reduce poverty, and become a global power.
- Global copper and aluminum prices are at or near the peaks of their current cycle and may fall next year, China’s top planning agency said.
Business Week:
- Intel co-founder Gordon E. Moore and his wife, Betty, are among the top US individual philanthropists.
- Billionaire investor Carl Icahn is forming a group of possible directors to replace Time Warner board members during a proxy fight that may include the ouster of CEO Parsons.
- Microsoft may begin shipments of its new Windows Vista software to manufacturers on Aug. 31.
USA Today:
- Some US states may cut taxes in 2006 as revenues have climbed 7.2% so far this year, the most since 1990, as economic growth surged past expectations.
NY Times:
- Some US hospitals are trying to get doctors to cut costs by sharing the savings with them.
NY Post:
- New Yorkers constitute one-fifth of the 157,252 Americans infected with the HIV virus in the last four years, citing a new federal Centers for Disease Control report.
The Deal:
- Goldman Sachs Group is in discussions to buy a stake in the Chicago Stock Exchange.
San Francisco Chronicle:
- Home sales in the San Francisco Bay Area declined in October for a seventh straight month.
Denver Post:
- The Hyatt Regency Denver set a record for the hotel chain’s pre-opening sales with $100 million in business booked through 2012.
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